2018 End of Year - Market Update
The Steamboat Report
Our goal at The Steamboat Group is to help our clients make informed decisions about real estate in Steamboat. You are Smart, we help you be smart about Steamboat Real Estate. Just scroll down for a quick and easy guide to what is happening in the Steamboat Springs Real Estate market - Notable trends, changes, and shifts over time.

It is important to note that just because the average price or price per square foot is up a certain percentage that doesn't mean there is that much appreciation for any particular property. The market is very granular. Averages can be influenced by the availability at different price points, hotter at the higher or lower price points, more new building, etc.  The first 4 categories cover the Steamboat Springs School district including North Routt.

We point out many of the key things that are driving the market but the only way to know where your property or one that you are interested in is to ask someone who follows the market closely.  Zillow is more often than not 10-40% off here in the Yampa Valley.  Zillow is much closer to entertainment than fact in our experience.

When Results Matter call The Steamboat Group. Ask for our stats to see why.

Single Family

  • This has been one of the best performing segments in the market in 2018 with almost all stats hitting the double digits in this segment.
  • One of the biggest themes is a lack of inventory in this segment. While we don't report on Days on Market, homes that have been coming on in this segment that are priced well are selling quickly.
  • While the average sales price of single family homes has increased, the average sales price for the top 10% of homes, or the Luxury Market, has raised the overall price range included in this Single Family homes segment (the remaining 90%). For example, the highest sale included in this segment was $1.53M in 2017 and is now $2.0M in 2018.
  • This does pull up the average sales price and dollars per square foot more than the average home has appreciated. For example, the average $1.5M home in 2017 is not worth $2.0M in 2018. The difference is a higher % of people are buying pricier homes and there are fewer homes at lower prices available than in 2017.
  • See Luxury Single Family Homes below for how the top 10% of the market by units is doing. We separate them so the averages are more meaningful.
The Steamboat Group -  5x Best of the Boat Real Estate Agent & 2018 Best of the Boat Real Estate Firm.`

Luxury Single Family

  • This segment represents the top 10% of Single Family units with the highest sales prices. We feel that looking at these separately gives you better insight into both the luxury and the traditional single family home segment.
  • In 2018, 20 of the 26 sales were over $2.5M vs. only 6 of 27 sales in 2017. The mix of which homes sold in this range shifted from below $2.5M to above $2.5M. This was the main driver that caused such a large % increase in the average sales price. In this case the average quality of the homes sold increased more than the value of each home.
  • This segment is unique because a few sales can shift the numbers considerably. In 2017 there was one sale at $9M. Without this sale, the increase in average sales price would be even higher. We have also seen a shift from high-end condo sales to high-end single-family sales in 2018, as few condos in that range are available.
  • The highest sale included was $9.0M in 2017 vs. $8.4M in 2018
  • In 2017 there was only 1 sale over $3.5M, in 2018 there were 8 over $3.5M
The Steamboat Group gave $40,000 back to Steamboat in 2018. Over $7,000 per broker.

Townhomes

  • The 20% increase in total sales volume was mostly unit driven by more sales in both the lower and higher end of the spectrum. The average price is up slightly, but the primary factor that resulted in the increased sales volume was the increase in units sold.
  • As Single Family home prices continue to go up, we expect Townhomes/Duplexes to continue to be an active part of the market at a large range of price points.
  • In 2018 there was a 38% increase in the number of sales above $900k and there were also 22% more sales under $500k. Compared to a nominal 6% increase in the amount of sales between $500-900k. This is what led to the relatively stable average sales price which grew 4% even with the high increase in volume.
We were 39% more productive per broker than any other Top 5 Steamboat Firm in 2018.

Condos

  • It's interesting that the average sales price is down, but the median is up slightly. That said, most condos are worth 5-15% more than last year. The decrease in average is due to significantly fewer luxury condo sales in 2018 due to lower supply of those. There were fewer sales in 2018 over $800k (12 in 2018 vs 24 in 2017) but, between $600-800k there were 32% more sales in 2018. This kept the median relatively similar YOY, while affecting the average more dramatically.
  • This is due to 2 main factors: 1) More people have turned to single family homes in the higher end market, as seen above in the single family stats. 2) There are also fewer options currently available on the market in the higher price range for condos.
  • Condos under $400k are down 18% YOY. In 2017, 218 condos under $400K sold vs. 179 in 2018 due to lower inventory in this segment and appreciation taking many popular condos above $400K.
  • In 2017 there were 8 sales over $1.5M, in 2018 there were 3. There were significantly fewer condo sales in places like One Steamboat Place and Edgemont which reduced average sales prices.
We are proud to have helped 103 families in 2018 the most of any team or agent.

Hayden Homes

  • The Hayden market was very strong in 2018. Increasing prices in Steamboat, the new K-12 school project, Having a brewery and coffee shop, and an increasing sense of community is making Hayden an even better place to live.
  • New construction became a larger segment of the market in 2018 as overall demand has increased.
  • Sales volume is up 54%, the highest growth segment in 2018. As the price of single family homes continues to increase in Steamboat we expect this trend to continue in outlying areas like Hayden.
  • The higher end of the market also increased dramatically. The highest sale in 2017 was $322k. In 2018 there were 16 sales above $322k! As a result, the average price increased 16% while the median only went up 6%.

Phippsburg /Yampa/Oak Creek Homes

  • Similar to Hayden, people interested in the Yampa Valley are exploring areas outside of Steamboat. South Routt County is gorgeous so we are not surprised.
  • Unlike Hayden, which saw a shift in the upper end of the market as a whole, the Phippsburg/Yampa/Oak Creek increase in average sales price, volume and median was driven by just a few sales. In 2017 the highest sale was at $390k. In 2018, there were 5 sales above $390k (at $1.1M, $650K, $635K, $420K & $400K) that drove the average price up so dramatically. Without these 5 sales, average sales price would have increased 8% vs the recorded 38.8%.

Stagecoach

  • Similar to Phippsburg/Yampa/Oak Creek there were a few sales that drove this section of the market. The change here being that there were fewer high end sales in 2018. In 2017, we saw 6 sales above $600K vs. only 2 in 2018.
  • As Steamboat Springs home prices continue to increase, we expect Stagecoach will continue to be an active market and see more $600K+ sales.
  • Price per square foot is up 7% while the size of the homes are roughly 8.1% smaller.
  • Note: Stagecoach is technically in Oak Creek but for MLS purposes. Stagecoach is a separate area that is not reflected in the Oak Creek data above.
  • We wonder if Hayden is attracting more of this segment of the market given the positive changes and growth there. That is hard to prove, it could be normal variations given sales are only $17M or hopes the Stagecoach Ski area will be re-opened going dormant for now. A few sales make a big difference and inventory could be a factor.

When Results Matter, Contact The Steamboat Group.

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Jon@TheSteamboatGroup.com